Export markets 'could provide way of expanding SMEs'
Commercial insurance
7th June 2010
Given the sluggish level of recovery in UK markets currently taking place, one expert has recommended that small and medium-sized enterprises (SMEs) consider shipping products and services in order to expand their operations.
Stephen Alambritis of the Federation of Small Businesses explained: "Exporting would be a good way for a business to grow as other markets may recover quicker than the UK."
According to the spokesman, the knowledge that they can export items, information about overseas sales and access to contacts would benefit many companies planning to expand internationally.
However, he cautioned that exporting is not suitable for all SMEs, as many operate within a small radius, with firms such as local butchers and cafes serving communities.
In such cases, it is important for small businesses to take out a UK insurance policy in order to protect their goods in transit.
The FSB official's comments follow a study by Lloyds Banking Group showing 62 per cent of SMEs that have moved into foreign markets have seen growth overseas in the last 12 months, although only one in three (32 per cent) respondents reported doing so.
For more information on how Giles can help you with your business insurance, Click here.
